Jobs Beat, Economy Adds Waiters, Loses Manufacturing Jobs, Unemployment Increases

March 10, 2023

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The U.S. economy added jobs this month, mainly in the service sector.

But while the headline payroll number was hotter than expected - driven mostly by retail workers and waiters - the not so good data come from the unemployment rate, which unexpectedly jumped from 3.4% to 3.6%, and above the 3.4% consensus estimate, wrote Zero Hedge.

Perhaps most notable is that manufacturing employment lost jobs for the first time since April 2021.

Financial markets initially saw the higher jobs data as negative and inflationary, then markets spiked on analyzing the weakness in the numbers. However, stocks ended down on the Silicon Valley Bank takeover by the Feds due to insolvency.

Fed actions matter. Government spending matters.

The Biden administration has drove our economy into the ditch...on purpose.

Average Hourly Earnings (MoM)(Feb) printed at 0.2% vs 0.3% consensus estimate.

Average Hourly Earnings (YoY)(Feb) printed at 4.6% vs 4.7%.

Average Weekly Hours(Feb) printed at 34.5 vs 34.6.

Labor Force Participation Rate(Feb) printed at 62.5% vs 62.3%.

Nonfarm Payrolls(Feb) printed at 311k vs 205k.

U6 Underemployment Rate(Feb) printed at 6.8% vs 6.5%.

Unemployment Rate(Feb) printed at 3.6% vs 3.4%.

Baker Hughes US Oil Rig Count printed at 590.

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The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."